Stock Market Update Tuesday, April 30th, 2019
Today it was all about Alphabet.
Down 7.5%, Alphabet (GOOGL) had its worst day since 2012. The drop came after reporting weaker than expected Q1 revenue.
This morning the S&P was down early and continued to slide, as traders reacted to earnings. At one point, the S&P was down 0.6%.
But after a rough morning, stocks turned on a dime around 11am ET.
Then a rally into the close helped the S&P and DOW finish the day with gains. But with Alphabet’s big drop, the NASDAQ struggled and finished with a loss.
Here’s where the major indices ended the day:
- The S&P finished with a 0.1% gain. Up 3 points, the S&P ended at 2,946.
- The DOW ended higher by 0.2%. Adding 39 points, the DOW closed at 26,593.
- The NASDAQ was down 0.8%. With a 66 point loss, the NASDAQ finished at 8,095.
Crude Oil (CL) retreated from today’s highs but still ended with a nice win. Up 0.5%, CL ended at $63.80 a barrel.
Aside from Google’s miss, there were some great reactions to earnings today.
Merck (MRK) rallied 2.5% after an earnings beat. And General Electric (GE) was up 4.5% on better than expected numbers.
Apple (AAPL) dropped ahead of today’s earnings report and finished the session with a 1.9% loss. But in after-hours trading, the stock is up almost 5.0% after better than expected earnings.
Tomorrow is Fed day.
Traders don’t see a rate hike coming. But they are interested in the policy decision and press conference. This is where traders will look for clues on how the Fed will approach rates and its balance sheet reduction program for the rest of the year.
We’ll also get earnings from companies like Square (SQ), FitBit (FIT), and Qualcomm (QCOM).
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.